With ports and pipelines blocked in Libya, North Africa, and civil war moving into its sixth month, Iraq is set to benefit, says The National.
Meanwhile, Reuters reports that foreign oil companies in Syria are reporting business as usual, despite escalating violence.
“Iraq is going to boom,” Erin Miller Rankin, a construction and project lawyer in Dubai at Freshfields Bruckhaus Deringer was reported as saying. “There will be people who were tied up on projects in Libya who will be looking for another place to invest.”
Yet it is not just the oil sector that will benefit. In order for Iraq to produce and export more oil, it needs to build more infrastructure, such as roads.
Ken Judge, director at Gulfsands Petroleum, said that disruption had so far been avoided, despite attacks on oil facilities.
“Whilst security is maintained at these facilities, we will remain able to operate our business,” he said.
(Source: The National; Reuters)